Share Transfer

This query is : Resolved

Guest

Guest (Querist)

01 August 2010 Case Fact:

In a private Ltd. company there are 6 members.

Out of 6 Members 4 Members transferred their shares to remaining 2 Shareholders.

I want to know what documentary procedure should be adopted for such case?

Please Attach Required Documents.

Thanks

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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01 August 2010 Section 82 of the Companies Act,1956 empowers every share holder to transfer the shares subject to the provisions of the Articles of Association.
Section 108 of the said act provides the following requirements to be satisfied for transfering the shares.
1. Prescribed transfer form (Form 7B)has to be used.
2. Form has to be duly stamped.
3. The transfer has been executed by and between the transferor and transfree.
4.The name, address ,occupation of the transfree must have to be specified.
5. Instrument of transfer is delivered to the company along with the share certificate with in a specified time (2 months)period.

Upon receipt of the transfer form company will convene a board meeting in which resolutions will be passed to transfer the shares. Transfer becomes complete and the transferee becomes a shareholder only when the transfer is registered in the company's register.

Guest

Guest (Querist)

02 August 2010 Thanks,

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